Mobile giant Samsung Electronics reportedly approached rival BlackBerry with a buyout proposal worth as much as $7.5 billion, according to a Reuters news report.

Samsung offered BlackBerry a buyout price of between $13.35 to $15.49 per share, according to the news agency, which cited documents and an unnamed person with knowledge of the matter.

Samsung is reportedly also interested in acquiring BlackBerry’s patent portfolio.

BlackBerry stock skyrocketed almost 30 percent after the news broke, closing at $12.60 on the Nasdaq.

Samsung’s acquisition of BlackBerry could give it a more prominent presence in developing markets, where older BlackBerry models are still selling well. Samsung’s earnings also took a hit in the latter part of 2014.

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